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December 15, 2011
SEC Appeals Rakoff Rejection of Settlement
The Securities and Exchange Commission (SEC) has appealed Judge Jed Rakoff's rejection of the proposed $285 Million settlement between the SEC and Citigroup.
This seems like a no-win for the SEC. If they win the appeal, they look like enforcement wimps. If they lose the appeal, there's a clear indication that other judges could require admission of fault or proof of alleged misdeeds before approving settlement.
SEC, of course, says that it settles to avoid years of litigation.
OK, but what about sending a strong message to wrongdoers in the aftermath of the financial crisis?
Link: http://m.ibtimes.com/sec-citigroup-appeal-rakoff-268053.html
(ag) December 15, 2011, in Enforcement, Securities Law, SEC
December 15, 2011 in Enforcement, Securities Law | Permalink
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